Lisle To Discuss TIF Options For Family Square Redevelopment

LISLE, IL —The Lisle Village Board will meet Monday to weigh a resolution of inducement and express official intent that would allow for a tax increment financing (TIF) reimbursement for the planned redevelopment of Family Square.

The resolution would permit the board to consider either extending the current TIF District or create a new TIF District.

The move comes after developer Lisle FC, LLC, projected the cost for redevelopment at $85.7 million. According to village documents, "the project is not economically feasible without some level of economic incentive assistance available under the TIF Act."

As a result, the developer has made a request for a reimbursement of $13.7 million from TIF funds. Per project consutlants S.B. Friedman, the current TIF District, which is effective 2015 to 2038, would expire before the project could generate suffiecient incremental value to "achieve the incentive request," village documents stated.

In 2022, then-Mayor Christopher Pecak vetoed a motion to designate a $10.5 million tax-increment financing (TIF) district for Family Square Plaza. Council members had voted 4 to 2 in favor of the TIF district ahead of Pecak's veto.

If the village opts to extend the current TIF District, support from "underlying tax districts" would allow for a 12-year extension.

Creating a new 23-year TIF District "presents an opportunity to consider redevelopment possibilities that might not have been evident in 2015 by expanding the new district to include additional redevelopment sites in and around the downtown area," per village documents.

The proposed resolution of inducement and express official intent states that a redevelopment agreement can be considered, but "does not require the Village to enter into a RDA or commit to

any level of financial incentive."

Lisle FC, LLC, is seeking a permit to demolish the building at the former Family Square plaza and may start demolition in February. The costs of this step could be eligible for TIF reimbursement if the resolution moves forward.

The village meeting is set for Feb. 2 at 7 p.m. at Lisle Village Hall.